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Jones Lang LaSalle Incorporated (JLL) Fair Value & Analysis

Real Estate · US · Market cap $15.1B · ISIN US48020Q1076

What is Jones Lang LaSalle Incorporated really worth?

JL Jones Lang LaSalle Incorporated logo Jones Lang LaSalle Incorporated JLL · US
Price$362.30
Fair Value$290.25
Upside−19.9%
Quality67/100

A solid business, but trading 25% above our fair value of $290.25.

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Strengths

Healthy Growth (revenue 5y +9.5 %/yr)
Low debt · generates free cash flow

Risks

!Thin margins · 3.4% net margin
!Mixed vs. peers (8/14)
!Narrow moat 44/100
!Weak on valuation: 7 out of 100
Evidence: High Range $217.69 – $367.80

Fair value as of: Sep 1, 2026

From 14 valuation models · updated 4 days ago

Share price −1.5% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

$392.79 $121.97 Fair Value $290.25 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.

How to read this chart

60‑month range $121.97 – $392.79 · fair‑value band $217.69 – $367.80 · the $362.30 price screens above the $290.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.

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Analysis

Jones Lang LaSalle Incorporated (JLL) currently trades at $362.30, while our model-based Fair Value estimate is $290.25, implying the stock looks roughly 24.8% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of $554.11 per share, and 9 of the 14 models we run sit above the $362.30 price. Bear case: the Asset-Based group reads lowest at $108.35, and 5 of the 14 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Jones Lang LaSalle Incorporated generated revenue of $26.8B at a net margin of 3.4%. Revenue grew 11.1% year over year. It earns a return on equity of 12.4%. Net debt stands at $2.8B. Fundamentals as of Sep 1, 2026

Our scenario range runs from $217.69 (bear case) to $367.80 (bull case); at $362.30, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 59% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −53% fair-value upside, at −20%, JLL screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $12.63 per share, which is 4.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF $291.48 $554.11 $1,146 75
Growth DCF $284.44 $572.96 $1,022 75
Residual Income $144.26 $162.33 $287.94 74
All 14 models by family
DCF Models
FCF DCF $291.48 $554.11 $1,146 75
5Y Revenue Exit $247.83 $462.52 $765.25 70
5Y EBITDA Exit $343.64 $672.53 $1,106 73
10Y Revenue Exit $251.40 $466.58 $822.23 64
10Y EBITDA Exit $325.09 $626.06 $1,126 65
Multiples
P/S Multiple $217.69 $290.25 $362.81 58
P/B Multiple $217.69 $290.25 $362.81 55
EV/EBIT $412.83 $551.93 $691.02 66
EV/EBITDA $387.47 $518.11 $648.75 67
EV/Revenue $225.68 $324.31 $422.95 53
Asset-Based
NCAV (Graham) $80.86 $108.35 $161.72 54
Growth DCF
Growth DCF $284.44 $572.96 $1,022 75
Rev-Margin DCF $247.83 $454.56 $739.72 70
Economic Profit
Residual Income $144.26 $162.33 $287.94 74

Widest divergence: DCF Models ($554.11) versus Asset-Based ($108.35). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 19.5
P/S ratio 0.59 P/E × margin
EPS (TTM) $18.59 price ÷ EPS = P/E 19.5
Net margin 3.0% FY2025
Return on equity 12.4% TTM
Return on assets (EBIT) 5.5% avg 5y
More key figures
Profitability
Operating margin 3.3% TTM
Growth
Revenue (TTM) $26.8B TTM
Revenue growth (YoY) +11.1% 3y avg +7.8%
EPS growth (YoY) +192%
Balance sheet & cash flow
Free cash flow $979M FY2025
Net debt $2.8B FY2025 · ≈ 2.8 yrs of FCF

Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 64 · Market factors (momentum, volatility) 63

Profitability 61
Margins and returns on capital today
Quality Growth 70
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 65
Price trend over the last 3–12 months (market factor)
52W Momentum 78
Distance to the 52-week high (market factor)
Net Issuance 86
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Jones Lang LaSalle Incorporated operates as a commercial real estate and investment management company. It engages in buying, building, occupying, managing, and investing in office, industrial, hotel, multi-family, retail and data center properties in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Full company description

Jones Lang LaSalle Incorporated operates as a commercial real estate and investment management company. It engages in buying, building, occupying, managing, and investing in office, industrial, hotel, multi-family, retail and data center properties in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company also offers agency leasing, tenant representation, property management, advisory, and consulting services; and debt advisory, loan sales and servicing, value and risk advisory, equity and funds placement, merger and acquisition, corporate advisory, and investment sales and advisory services. In addition, it provides on-site real estate management services for office, industrial, retail, multifamily residential, and other properties; cloud-based software solutions; integrated facilities management, space planning, office design, and workplace strategy consulting services; program and project management, implementation and support, managed services, and advisory/consulting services; and investment management services to institutional investors and high-net-worth individuals, as well as designing, building, management, and consulting services to tenants of leased space, owners in self-occupied buildings, and owners of real estate investments. It provides its services to real estate owners, occupiers, investors, and developers for various property types, including critical environments and data centers, offices, industrial and warehouses, residential properties, infrastructure projects, retail and shopping malls, logistics, and military housing and transportation centers; and hotels and hospitality, cultural, educational, government, healthcare and laboratory, and sports facilities. The company was formerly known as LaSalle Partners Incorporated and changed its name to Jones Lang LaSalle Incorporated in March 1999. Jones Lang LaSalle Incorporated was incorporated in 1997 and is headquartered in Chicago, Illinois.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Jones Lang LaSalle Incorporated reported revenue of $26.1B in FY2025 versus $19.4B in FY2021, a compound +7.8%/yr. Reported net income was $792M in FY2025, compounding −4.7%/yr from FY2021.

Growth Quality 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$26.1B
Latest YoY
+11.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.8%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.5%
Avg. revenue growth/yr (29Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+19.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+8.5% (8.5 + 0.0)
Revenue +7.8%/yr
FY21 $19.4B
FY22 $20.9B
FY23 $20.8B
FY24 $23.4B
FY25 $26.1B
Net income −4.7%/yr
FY21 $962M
FY22 $655M
FY23 $225M
FY24 $547M
FY25 $792M
Character of growth · EPS growth decomposed (2014-2025) +2.8 % p.a.
Revenue per share +15.3 %

of which total revenue +16.1 % · buybacks/dilution −0.7 %

EBIT margin −8.1 %
Tax rate +0.7 %
Residual (interest, one-offs) −3.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

JLL screens 25% overvalued. Compare with CBRE Group →

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Cite: Fair Value Calculator (2026). "Jones Lang LaSalle Incorporated Fair Value". https://www.fairvalue-calculator.com/stock/JLL

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Real Estate Services · 523 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 66 · Top 25%
Fair Value upside −20% · Below median
Return on equity (TTM) 12% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 3% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 11% · Above median
Debt / equity 0.11× · Lower than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 19.5× · Pricier than median
P/B 2.01× · Pricier than 75% of peers
P/S (TTM) 0.56× · Cheaper than median
P/FCF 15.4× · Pricier than 75% of peers
EV/EBITDA 9.6× · Cheaper than median
PEG 1.03× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE7 · sector 30
FUTURE56 · sector 11
PAST50 · sector 17
HEALTH95 · sector 84
DIVIDEND0 · sector 63

Insider activity: 44/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $148.74 $69.47 −53%
Vonovia SE VNA €19.85 €36.67 +85%
Cellnex Telecom, S.A CLNX €27.47 €25.46 −7%
KE Holdings BEKE $17.42 $6.57 −62%
Swire Properties Limited 1972 HK$24.84 HK$5.12 −79%
CoStar Group CSGP $32.22 $4.64 −86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 −12%
CapitaLand Investment Limited 9CI 2.66 SGD 0.4900 SGD −82%
Plaza S.A MALLPLAZA 4,040 CLP 4,571 CLP +13%
SAGAA SAGAA kr 170.50 kr 75.55 −56%

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Frequently asked questions

Is Jones Lang LaSalle Incorporated (JLL) overvalued or undervalued?
As of Sep 1, 2026, our model estimates a fair value of $290.25 versus a price of $362.30, about −20% upside (overvalued).
What is the fair value of JLL?
Our model-based fair value for Jones Lang LaSalle Incorporated is $290.25 (as of Sep 1, 2026), built from audited fundamentals. The current price: $362.30.
What is the quality score of JLL?
Jones Lang LaSalle Incorporated has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Jones Lang LaSalle Incorporated (JLL)?
Jones Lang LaSalle Incorporated reported trailing-twelve-month revenue of about $26.8B (latest available figure, as of Sep 1, 2026).
What is the net profit margin of JLL?
The net profit margin of Jones Lang LaSalle Incorporated is about 3.4%, meaning it keeps roughly 3.4% of revenue as net income. Based on the latest reported figures.
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